BGF-backed Boxphish goes for growth after year of expansion

The Leeds-based business, which received multi-million pound funding from BGF in April 2024, has achieved significant growth in the last 12 months. The company has achieved more than 70% ARR growth, compared to the previous financial year, while hitting sales targets in the FY25.

Following investment from BGF – the UK’s most active growth capital investor – the company has made its first acquisition, buying Trillion, an advanced threat intelligence service which tracks credentials shared on the dark web. It has also appointed new Chief Finance and Operations Officer (CFOO) Claire Elcock to help drive growth.

Claire has significant experience as a CFO in PE-backed businesses, helping scale-up companies to achieve their growth ambitions, with particular expertise in tech and SaaS. A qualified chartered accountant, working at both Grant Thornton and KPMG, Claire joined Boxphish from SmartSearch in May.

Boxphish CEO Nick Deacon-Elliott said: "We closed out our last financial year on a real high, achieving 100% of our sales target, a testament to the hard work and dedication of our entire team.

“Without the team, we have nothing. Last year’s success has enabled us to recognise and reward several of our high achievers through promotions. This, coupled with the appointment of Claire, our new CFOO, places us in a very strong position as we move into the new financial year. Claire’s expertise will be instrumental in helping us strengthen our operational capabilities and drive the next phase of our journey."

Founded in 2020 by serial entrepreneurs, Henry Doyle and Dan Bailey, and CEO, Nick Deacon-Elliott, the business has quickly established itself as one of the rising stars in the UK human risk management sector. With a growing customer base and library of training courses, it offers highly relevant content to meet the needs of organisations from across a broad range of sectors and sizes, working with the likes of North Yorkshire Council, University of Cambridge and Leeds United FC.

BGF investor Rob Johnson, commented: “The first 12 months post-investment have been incredibly successful for Boxphish, with decisive strategic moves that not only strengthen its senior management team, but also its capabilities through the acquisition of Trillion.

“The team has laid perfect foundations for the next stage of their growth journey and we looking forward to supporting them as they continue to scale up, seize the sizable opportunities that exist in the market, and strive to achieve their growth ambitions.”

Last month, BGF announced that it has pledged £400 million to businesses in Yorkshire and the North East as part of its £3 billion commitment to support high-potential UK companies such as Boxphish over the next five years.

This builds on £711 million already invested in the regions since 2011. With a presence in both Leeds and Newcastle, BGF plays a vital role in addressing regional investment gaps.